Gray Media (NYSE:GTN) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Gray Media (NYSE:GTN) from a buy rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

GTN has been the topic of several other reports. Guggenheim lowered their price target on Gray Media from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Weiss Ratings reiterated a “sell (d)” rating on shares of Gray Media in a research note on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.88.

Gray Media Stock Performance

GTN stock opened at $4.94 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media has a 12 month low of $3.55 and a 12 month high of $6.43. The firm has a 50 day moving average of $4.44 and a two-hundred day moving average of $4.58. The company has a market capitalization of $508.72 million, a price-to-earnings ratio of -8.10, a P/E/G ratio of 0.10 and a beta of 0.96.

Gray Media (NYSE:GTN) last posted its earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $839.00 million for the quarter, compared to analyst estimates of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.The business’s revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned ($0.71) earnings per share. As a group, equities analysts anticipate that Gray Media will post 2.33 EPS for the current fiscal year.

Gray Media Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.5%. Gray Media’s payout ratio is presently -52.46%.

Institutional Investors Weigh In On Gray Media

Institutional investors have recently modified their holdings of the business. Cetera Investment Advisers increased its holdings in Gray Media by 3.7% in the first quarter. Cetera Investment Advisers now owns 69,392 shares of the company’s stock valued at $301,000 after purchasing an additional 2,477 shares during the last quarter. Parallel Advisors LLC lifted its stake in Gray Media by 57.1% in the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company’s stock valued at $34,000 after buying an additional 2,873 shares in the last quarter. Deutsche Bank AG boosted its stake in Gray Media by 6.0% in the 4th quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock worth $264,000 after purchasing an additional 3,066 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in shares of Gray Media by 68.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after buying an additional 4,217 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in shares of Gray Media by 24.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock worth $104,000 after acquiring an additional 4,278 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Media Company Profile

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.